Report Update Nov 1, 2024

Latvia - Acoustic New Upright Pianos - Market Analysis, Forecast, Size, Trends and Insights

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Latvia: Upright Piano Market 2024

Upright Piano Market Size in Latvia

In 2022, the Latvian upright piano market decreased by -20.2% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption, however, continues to indicate a strong increase. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Upright Piano Exports

Exports from Latvia

Upright piano exports from Latvia skyrocketed to X units in 2022, increasing by 800% compared with the previous year. Over the period under review, exports, however, recorded a mild setback. The exports peaked at X units in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, upright piano exports skyrocketed to $X in 2022. Overall, exports continue to indicate strong growth. Over the period under review, the exports attained the peak figure at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units), Lithuania (X units) and Estonia (X units) were the main destinations of upright piano exports from Latvia, with a combined 78% share of total exports. Moreover, upright piano exports in the United States exceeded the figures recorded by the second-largest exporter, Lithuania, twofold.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +26.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) emerged as the key foreign market for acoustic new upright pianos exports from Latvia, comprising 66% of total exports. The second position in the ranking was held by Lithuania ($X), with a 14% share of total exports. It was followed by Hong Kong SAR, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +93.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (-11.1% per year) and Hong Kong SAR (0.0% per year).

Export Prices by Country

The average upright piano export price stood at $X per unit in 2022, rising by 220% against the previous year. Over the period under review, the export price recorded prominent growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Estonia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+53.3%), while the prices for the other major destinations experienced more modest paces of growth.

Upright Piano Imports

Imports into Latvia

For the third year in a row, Latvia recorded growth in overseas purchases of acoustic new upright pianos, which increased by 5.6% to X units in 2022. Overall, imports continue to indicate a strong increase. The growth pace was the most rapid in 2015 when imports increased by 128%. As a result, imports reached the peak of X units. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, upright piano imports reduced notably to $X in 2022. In general, imports saw a prominent increase. The pace of growth appeared the most rapid in 2015 when imports increased by 357% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then dropped markedly in the following year.

Imports by Country

In 2022, Germany (X units) constituted the largest upright piano supplier to Latvia, accounting for a 69% share of total imports. Moreover, upright piano imports from Germany exceeded the figures recorded by the second-largest supplier, the Czech Republic (X units), threefold. The United States (X units) ranked third in terms of total imports with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany totaled +33.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (+15.3% per year) and the United States (0.0% per year).

In value terms, Germany ($X) constituted the largest supplier of acoustic new upright pianos to Latvia, comprising 65% of total imports. The second position in the ranking was held by the Czech Republic ($X), with a 32% share of total imports. It was followed by Denmark, with a 1.5% share.

From 2012 to 2022, the average annual growth rate of value from Germany amounted to +30.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (+12.6% per year) and Denmark (0.0% per year).

Import Prices by Country

In 2022, the average upright piano import price amounted to $X per unit, falling by -33.9% against the previous year. In general, the import price, however, saw a strong expansion. The growth pace was the most rapid in 2013 when the average import price increased by 184%. Over the period under review, average import prices reached the peak figure at $X per unit in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Czech Republic ($X per unit), while the price for the United States ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+42.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

This report provides an in-depth analysis of the upright piano market in Latvia. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 32201110 - Acoustic new upright pianos (including automatic pianos)

Country coverage:

Latvia

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Latvia
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023